In a nutshell
The property tax rate of $0.9869 per $100 of valuation is a $0.0023 decrease from the $0.9892 tax rate voters approved in November 2023 in FBISD's voter-approval tax rate election, according to agenda documents.
However, the tax rate is 9.47% higher than the district’s no-new-revenue rate of $0.9015, according to agenda documents. A no-new-revenue rate is the tax rate that would bring in the same amount of property revenue as the year prior.
The property tax rate supports the district’s FY 2024-25 budget, which trustees approved in June.
Digging deeper
In addition to approving the tax rate, trustees also approved FBISD’s Fiscal and Budgetary Strategy, which district staff will use to make financial decisions throughout the school year.
One change to the strategy this year includes how FBISD staff will fund potential major maintenance repairs not covered in the budget. Staff identified the need to reserve funds for major maintenance repairs that happen throughout the school year, Chief Financial Officer Bryan Guinn said at an August board meeting.
The strategy states staff will bring a list of repairs to trustees at the end of the year for a proposed FY 2024-25 budget amendment. Staff will prioritize using a major maintenance repair fund first, then bond contingency funds if applicable, followed by operating funds.
Guinn said at the August meeting FBISD's fund for major maintenance repairs was depleted during the coronavirus pandemic; however, he said he believes the district can re-establish the maintenance repair fund over time.
